2-Day Escrow; Record $812 psf
IRVINE, CA – January 30, 2013 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today that the company has negotiated two single-tenant retail transactions totaling $6.8 million. William B. Asher, Kevin T. Fryman and Edward B. Hanley represented the seller in the sale of a single-tenant Chase Bank in Riverside, Calif. and Jeremy S. McChesney represented the buyer and seller in the sale of a single-tenant 7-Eleven in Culver City, Calif.
Chase Bank, a 6,160-square-foot building built in 1987, is situated on a single-tenant pad at 10355 Magnolia Avenue in Riverside. Located directly across from the 1.2 million-square-foot Galleria at Tyler regional mall, Chase Bank is situated within a Michaels and David’s Bridal anchored center. The purchase price was $5 million, which represented $812 psf.
“The Chase transaction represented the highest price per square foot for a retail property sale over $4 million in Riverside and San Bernardino counties since 2009,” said William B. Asher, managing director of Hanley Investment Group. “It’s another example of the continued investor demand for single-tenant properties leased to credit tenants in southern California.” Asher notes it was a 2-day escrow.
The buyer, a private investor from Los Angeles, Calif., was represented by George Y. Ragheb of Entrance Homes, Inc., in Irvine, Calif. The seller was 665 Claremont LP of Orange County, Calif.
The single-tenant 7-Eleven is located at 4436 Sepulveda Boulevard in Culver City. The 2,400-square foot building was sold prior to construction of the building. Construction is scheduled to be completed by the end of March 2013. The purchase price was $1.8 million, representing a 5.0% capitalization rate.
“The transaction required creative structure in the sale agreement because it was a pre-construction sale and the project wasn’t set to be completed until the Q2 of 2013,” said Jeremy McChesney, senior vice president of Hanley Investment Group.
“Demand for single-tenant properties leased to 7-Eleven is extremely strong,” McChesney stated. “To sell this property on a pre-development basis at this cap rate, shows that investors’ appetite for credit tenants with long-term leases in ‘A’ locations is at an all-time high.”
The buyer was a private investor from Orange County, Calif. The seller was a developer from Hermosa Beach, Calif.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.